ANNUAL REPORT
September 30, 2022

Biotech ETF	BBH
Digital Assets Mining ETF	DAM
Digital Transformation ETF	DAPP
Energy Income ETF	EINC
Environmental Services ETF	EVX
Gaming ETF	BJK
Pharmaceutical ETF	PPH
Retail ETF	RTH
Semiconductor ETF	SMH
Video Gaming and eSports ETF	ESPO


	800.826.2333	vaneck.com

President’s Letter	1
Management Discussion	3
Performance Comparison
Biotech ETF	7
Digital Assets Mining ETF	8
Digital Transformation ETF	9
Energy Income ETF	10
Environmental Services ETF	11
Gaming ETF	12
Pharmaceutical ETF	13
Retail ETF	14
Semiconductor ETF	15
Video Gaming and eSports ETF	16
About Fund Performance	17
Explanation of Expenses	18
Schedule of Investments
Biotech ETF	20
Digital Assets Mining ETF	21
Digital Transformation ETF	23
Energy Income ETF	25
Environmental Services ETF	26
Gaming ETF	27
Pharmaceutical ETF	29
Retail ETF	30
Semiconductor ETF	31
Video Gaming and eSports ETF	32
Statements of Assets and Liabilities	34
Statements of Operations	37
Statements of Changes in Net Assets	40
Financial Highlights
Biotech ETF	45
Digital Assets Mining ETF	46
Digital Transformation ETF	47
Energy Income ETF	48
Environmental Services ETF	49
Gaming ETF	50
Pharmaceutical ETF	51
Retail ETF	52
Semiconductor ETF	53
Video Gaming and eSports ETF	54
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	65
Tax Information	67
Board of Trustees and Officers	68
Approval of Investment Management Agreements	71

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2022.

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2022 (unaudited)

Dear Fellow Shareholders:

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon.

1.	Monetary Policy: Tightening

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0%.

Another component to monetary policy is the Fed balance sheet, which is one of the unknowns. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet and selling bonds into the market—one estimate indicates $279B net through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

Last year when my colleagues and I spoke about inflation,²I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds.

2.	Fiscal Tightening: Wage Inflation Is the Real Battle

Nominal wages are increasing, but because of inflation, take-home pay has been negative over the past year. This may result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

3.	Global Growth Has Almost Stopped

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we may look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended September 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck

CEO and President

VanEck ETF Trust

October 10, 2022

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2022 (unaudited)

Biotech

Biotech stocks had a disappointing 12 months, with the VanEck Biotech ETF losing 30.24%. Having hit a high in early-November 2021, stocks declined through most of the rest of the period to finish at a new low on September 30, 2022. As a speculative sector, the “risk off” environment and general selloff in general, hit biotech stocks hard.

In addition, while, by end-September 2021, the FDA had approved 40 “novel drugs”,¹over the next three months a further 10 were added and the total tally for the year was 50.²By end-September 2022, down on the previous year at the same time, only some 26 novel drugs had already been approved.³

The three top positive contributions to the Fund’s performance came from: Vertex Pharmaceuticals, Inc. (9.2% of Fund net assets^†), Regeneron Pharmaceuticals, Inc. (7.8% of Fund net assets^†) and Amgen, Inc. (14.5% of Fund net assets^†). The companies that detracted most from performance were: Moderna, Inc. (5.5% of Fund net assets^†), Illumina, Inc. (4.4% of Fund net assets^†) and Novavax (sold by Fund by period end).

Digital Assets Mining

Over the period from inception (March 7, 2022) to September 30, 2022, the VanEck Digital Assets Mining ETF lost 63.15%. The poor performance of digital assets mining stocks can be ascribed to pervasive negative sentiment in the underlying digital asset space, with lower prices for the most-mined digital asset (Bitcoin). In addition, rising interest rates squeezed not only tech companies, but also the broader growth segment in particular. The dual headwinds of rising cost of capital and falling price of digital assets led to a challenging year for these companies.

The three companies that contributed most to the Fund’s performance were: Applied Blockchain, Inc. (3.9% of Fund net assets^†), Bakkt Holdings, Inc. (1.2% of Fund net assets^†) and BIGG Digital Assets (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.7% of Fund net assets^†), Mawson Infrastructure Group, Inc. (2.9% of Fund net assets^†) and Hut 8 Mining Corp. (5.3% of Fund net assets^†).

Digital Transformation

The VanEck Digital Transformation ETF, which traded for the full 12 month period to September 30, 2022, lost 76.33%. As with digital mining stocks, the poor performance of more broadly-based digital transformation stocks can also be ascribed to pervasive negative sentiment in the underlying digital asset space. Rising interest rates also squeezed stocks, not least by raising the cost of capital and reducing the value of future earnings: a challenge for companies that might be both “early stage” and still unprofitable.

The three companies that detracted least from the Fund’s performance were: DMG Blockchain Solutions (sold during the period), EQONEX (sold during the period) and GreenBox (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.1% of Fund net assets^†), Voyager Digital (sold during the period) and Block, Inc. (7.3% of Fund net assets^†).

Energy Income

Robust energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Despite volatility during the period, both crude oil and natural gas prices remained firm, as did demand. For example, having started the 12 month period at $75.88 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period just 4.76% higher at $79.49 a barrel.

For the 12 months ended September 30, 2022, VanEck Energy Income ETF gained 8.79% on a total return basis. The three greatest contributors to performance were all involved, in particular, in the natural gas market: Cheniere Energy, Inc. (8.2% of Fund net assets^†), Targa Resources Corp. (4.4% of Fund net assets^†) and The Williams Companies, Inc. (5.7% of Fund net assets^†). Equitrans Midstream Corp. (2.6% of Fund net

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

assets^†), Keyera Corp. (4.3% of Fund net assets^†), TC Energy Corp. (7.4% of Fund net assets^†) detracted the most from overall performance.

Environmental Services

The VanEck Environmental Services ETF had a roller coaster of a year, ending the 12 month period under review with a loss of 8.56%. Having hit a high at in mid-November 2021, environmental stocks then plunged to a low at the end of January 2022, only to rise through the end of April before falling, once again, to a period low in mid-June 2022. Following a peak in mid-August, they took a downward trajectory through the end of September.

Growth in 2021, and through the first three quarters of 2022, was driven, amongst other factors, by: corporations’ increasing commitment to ESG and sustainability, consolidation and M&A activity, sustained interest in both reuse and recycling and last, but not least, by the changing regulatory backdrop. However, the industry also faced headwinds as a result of both supply chain bottlenecks and persistent labor shortages.

The three top positive contributions to the Fund’s performance came from: Vertex Energy, Inc. (2.1% of Fund net assets^†), US Ecology (acquired during the period) and Republic Services, Inc. (10.3% of Fund net assets^†). The three companies that detracted most from performance were: Ecolab (10.0% of Fund net assets^†), Loop Industries (sold by Fund by period end) and Montrose Environmental Group, Inc. (2.9% of Fund net assets^†).

Gaming

The VanEck Gaming ETF posted a loss of 31.72% for the 12 month period. Having hit highs towards the end of October 2021, faced by continuing fears of recession and more persistent inflation, gaming stocks declined pretty consistently through the end of September 2022.

In Macau, China, the world’s biggest gaming hub, while the gross revenue from “Games of Fortune” (as the Macau authorities describe them) in November 2021 through to the end of the year rose incrementally,⁴except in February 2022, year-on-year monthly revenues were down significantly for 2022 through end-September.⁵In contrast, in Nevada, except in July 2022, during the 11 month period through the end of August 2022, each month’s “gaming win”⁶ was up year-on-year—albeit by less each month as the period progressed.⁷

The three top positive contributions to the Fund’s performance came from: VICI Properties, Inc. (7.6% of Fund net assets^†), Galaxy Entertainment Group Ltd. (6.5% of Fund net assets^†) and Sands China Ltd. (4.2% of Fund net assets^†). The three companies that detracted most from performance were: Caesars Entertainment, Inc. (3.0% of Fund net assets^†), Evolution AB (6.1% of Fund net assets^†) and DraftKings, Inc. (4.2% of Fund net assets^†).

Pharmaceutical

Despite a 12 month period characterized by a number of distinct peaks and troughs to their returns, pharmaceutical shares had lost a total of 5.91% by September 30, 2022. While not hit as badly as biotech stocks, pharma stock were also affected by rising interest rates, persistent inflation and recessionary fears. In addition, companies saw reduced revenue numbers due both to lower realized prices and unfavorable foreign exchange rates.

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (4.4% of Fund net assets^†), Eli Lilly & Co. (5.9% of Fund net assets^†) and AbbVie, Inc. (5.5% of Fund net assets^†). The three companies that detracted most from performance were: Bausch Health Cos, Inc. (0.7% of Fund net assets^†), Catalent, Inc. (2.9% of Fund net assets^†) and Elanco Animal Health, Inc. (1.1% of Fund net assets^†).

Retail

Despite a healthy start to the 12 month period, rising inflation, higher interest rates (which reduce the value of future earnings) and the fears of recession hit retail stocks and towards the end of May, they hit a low. Thereafter, they recovered slightly, but the VanEck Retail ETF had still lost 10.69% by September 30.

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (3.8% of Fund net assets^†), AutoZone, Inc. (2.9% of Fund net assets^†) and CVS Health Corp. (4.7% of Fund net assets^†). The three companies that detracted most from performance were: Amazon.com, Inc. (19.2% of Fund net assets^†), Target Corp. (4.3% of Fund net assets^†) and JD.com, Inc. (4.2% of Fund net assets^†).

Semiconductor

After hitting highs towards the end of 2021, semiconductor stocks declined through the end-June 2022. Thereafter they staged a brief recovery to peak, once again, in mid-August before declining through the end of the 12 month period. By September 30, 2022, the VanEck Semiconductor ETF had lost 27.40%.

In addition to weakening demand, the semiconductor market has also been hit by the continuing trade restrictions between the U.S. and China. The withdrawal of stimulus not only by the Fed, but also by other central banks has been a further headwind for the semiconductor market.

The three top positive contributions to the Fund’s performance came from: Xilinx (acquired during the period), ON Semiconductor Corp. (2.5% of Fund net assets^†) and Cadence Design Systems, Inc. (4.0% of Fund net assets^†). The three companies that detracted most from performance were: Taiwan Semiconductor Manufacturing Co. Ltd. (11.2% of Fund net assets^†), NVIDIA Corp. (8.4% of Fund net assets^†) and Intel Corp. (4.7% of Fund net assets^†).

Video Games and eSports

Video gaming and esports stocks had a disappointing 12 months, with the VanEck Video Gaming and eSports ETF down 35.42%. In addition to a less then encouraging macro-economic environment, the specifically semiconductor-related Fund companies faced a difficult period of declining demand following one of chip shortages. The market’s aversion to tech stocks did not help either.

The three top positive contributions to the Fund’s performance came from: Zynga (acquired during the period), Capcom Co. Ltd. (3.0% of Fund net assets^†) and Nexon Co. Ltd. (4.5% of Fund net assets^†). The three companies that detracted most from performance were: Sea Ltd. (4.8% of Fund net assets^†), Unity Software, Inc. (4.1% of Fund net assets^†) and NVIDIA Corp. (7.9% of Fund net assets^†).

† All Fund assets referenced are Total Net Assets as of September 30, 2022.

¹Food & Drug Administration: New Drug Therapy Approvals 2021, May 13, 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2021 (Accessed October 7, 2022)

²Ibid.

³Food & Drug Administration: New Drug Therapy Approvals 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2022 (Accessed October 7, 2022

⁴ Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2021/index.html

⁵ Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2022/index.html

⁶ Or “gross revenue,” defined (in short) as: the total of all:

(a) Cash received as winnings;

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

(b) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and

(c) Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act, https://www.leg.state.nv.us/NRS/NRS-463.html#NRS463Sec0161

⁷ Nevada Gaming Control Board: Abbreviated Revenue Release, http://gaming.nv.gov/index.aspx?page=172

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBBHTR¹	SPTR²
One Year	(30.21)%	(30.24)%	(30.18)%	(15.47)%
Five Year	1.37%	1.34%	1.50%	9.24%
Ten Year	10.35%	10.34%	10.52%	11.70%

	¹	MVIS® US Listed Biotech 25 Index (MVBBHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the biotech industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

See “About Fund Performance” on page 17 for more information.

VANECK DIGITAL ASSETS MINING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAMTR¹	SPTR²
Life*	(63.07)%	(63.15)%	(63.01)%	(13.85)%

	*	Inception of Fund: 3/7/22; First Day of Secondary Market Trading: 3/8/22.

	¹	MVIS® Global Digital Assets Mining Index (MVDAMTR) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the digital asset mining segment.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 17 for more information.

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVDAPPTR¹	SPTR²
One Year	(76.39)%	(76.33)%	(77.13)%	(15.47)%
Life*	(72.17)%	(72.14)%	(72.73)%	(7.78)%

	*	Inception of Fund: 4/12/21; First Day of Secondary Market Trading: 4/13/21.

	¹	MVIS® Global Digital Assets Equity Index (MVDAPPTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on 17 for more information.

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVEINCTG¹	SPTR²
One Year	8.73%	8.79%	9.60%	(15.47)%
Five Year	2.35%	2.30%	2.04%	9.24%
Ten Year	(7.18)%	(7.13)%	(7.10)%	11.70%

	¹	MVIS® North America Energy Infrastructure Index (MVEINCTG) is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means to track the overall performance of North American companies involved in the midstream energy segment, which includes MLPs and corporations involved in oil and gas storage and transportation.

		Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index (the “MLP Index” or “YMLPTR”), a rules-based index designed to provide investors a means of tracking the performance of selected MLPs which are publicly traded on a U.S. securities exchange. All Index history reflects a blend of the performance of the aforementioned Indexes.

		VanEck Energy Income ETF (the “Fund”) is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	AXENVTR¹	SPTR²
One Year	(8.61)%	(8.56)%	(8.18)%	(15.47)%
Five Year	9.10%	9.21%	9.64%	9.24%
Ten Year	11.14%	11.08%	11.57%	11.70%

	¹	NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-listed companies involved in environmental services.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVBJKTR¹	SPTR²
One Year	(32.36)%	(31.72)%	(31.35)%	(15.47)%
Five Year	(3.37)%	(3.25)%	(2.75)%	9.24%
Ten Year	2.26%	2.23%	2.64%	11.70%

	¹	MVIS® Global Gaming Index (MVBJKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the casino and gaming industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVPPHTR¹	SPTR²
One Year	(6.10)%	(5.91)%	(6.07)%	(15.47)%
Five Year	4.92%	4.92%	4.73%	9.24%
Ten Year	7.36%	7.35%	7.25%	11.70%

	¹	MVIS® US Listed Pharmaceutical 25 Index (MVPPHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the pharmaceutical industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVRTHTR¹	SPTR²
One Year	(10.60)%	(10.69)%	(10.67)%	(15.47)%
Five Year	14.86%	14.84%	14.78%	9.24%
Ten Year	14.60%	14.58%	14.45%	11.70%

	¹	MVIS® US Listed Retail 25 Index (MVRTHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the retail industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVSMHTR¹	SPTR²
One Year	(27.40)%	(27.40)%	(27.28)%	(15.47)%
Five Year	16.06%	16.05%	16.09%	9.24%
Ten Year	20.96%	20.96%	20.94%	11.70%

	¹	MVIS® US Listed Semiconductor 25 Index (MVSMHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the semiconductor industry.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Ten Year)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

Average Annual Total Return
	Share Price	NAV	MVESPOTR¹	SPTR²
One Year	(35.47)%	(35.42)%	(34.71)%	(15.47)%
Life*	8.15%	8.19%	9.18%	8.22%

	*	Inception of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.

	¹	MVIS® Global Video Gaming and eSports Index (MVESPOTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in video gaming and eSports.

	²	The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

Hypothetical Growth of $10,000 (Since Inception)

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark broad-based index.

See “About Fund Performance” on page 17 for more information.

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

The Biotech Index, Digital Assets Mining, Digital Transformation Index, Energy Income, Gaming Index, Pharmaceutical Index, Retail Index, Semiconductor Index and Video Gaming and eSports Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Environmental Services Index is published by ICE Data Indices, LLC (ICE Data).

MarketVector, ICE Data, and Solactive are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2022 to September 30, 2022.

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Biotech ETF
Actual	$1,000.00	$866.40	0.35%	$1.64
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Digital Assets Mining ETF
Actual	$1,000.00	$296.30	0.50%	$1.62
Hypothetical (b)	$1,000.00	$1,022.56	0.50%	$2.54
Digital Transformation ETF
Actual	$1,000.00	$328.80	0.50%	$1.67
Hypothetical (b)	$1,000.00	$1,022.56	0.50%	$2.54
Energy Income ETF
Actual	$1,000.00	$896.40	0.49%	$2.33
Hypothetical (b)	$1,000.00	$1,022.61	0.49%	$2.48
Environmental Services ETF
Actual	$1,000.00	$862.10	0.55%	$2.57
Hypothetical (b)	$1,000.00	$1,022.31	0.55%	$2.79
Gaming ETF
Actual	$1,000.00	$818.40	0.69%	$3.15
Hypothetical (b)	$1,000.00	$1,021.61	0.69%	$3.50
Pharmaceutical ETF
Actual	$1,000.00	$850.90	0.36%	$1.67
Hypothetical (b)	$1,000.00	$1,023.26	0.36%	$1.83

	Beginning Account Value April 1, 2022	Ending Account Value September 30, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period April 1, 2022 - September 30, 2022(a)
Retail ETF
Actual	$1,000.00	$857.80	0.35%	$1.63
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Semiconductor ETF
Actual	$1,000.00	$687.00	0.35%	$1.48
Hypothetical (b)	$1,000.00	$1,023.31	0.35%	$1.78
Video Gaming and eSports ETF
Actual	$1,000.00	$698.10	0.60%	$2.55
Hypothetical (b)	$1,000.00	$1,022.06	0.60%	$3.04

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number
	of Shares		Value
COMMON STOCKS: 99.9%
China: 1.8%
BeiGene Ltd. (ADR) *		55,218	$	7,444,491

Germany: 3.7%
BioNTech SE (ADR)		115,487		15,576,886

Ireland: 3.4%
ICON Plc (USD) *		76,597		14,076,997

Switzerland: 1.2%
CRISPR Therapeutics AG (USD) * †		78,052		5,100,698

United States: 89.8%
Alnylam Pharmaceuticals, Inc. *		68,834		13,777,813
Amgen, Inc.		266,686		60,111,024
Argenx SE (ADR) *		49,717		17,552,587
Biogen, Inc. *		97,451		26,019,417
BioMarin Pharmaceutical, Inc. *		138,050		11,702,498
Bio-Techne Corp.		37,319		10,598,596
Charles River Laboratories International, Inc. *		45,306		8,916,221
Exact Sciences Corp. *		127,394		4,139,031
Gilead Sciences, Inc.		600,191		37,025,783
Guardant Health, Inc. *		71,095		3,827,044
Illumina, Inc. *		95,044		18,133,445
Incyte Corp. *		157,415		10,490,136

	Number
	of Shares		Value
United States (continued)
Intellia Therapeutics, Inc. *		62,142	$	3,477,466
IQVIA Holdings, Inc. *		100,996		18,294,415
Moderna, Inc. *		192,464		22,758,868
Natera, Inc. *		94,645		4,147,344
QIAGEN NV *		213,927		8,830,907
Regeneron Pharmaceuticals, Inc. *		47,110		32,452,666
Repligen Corp. *		44,011		8,234,898
Seagen, Inc. *		99,020		13,548,907
Vertex Pharmaceuticals, Inc. *		131,220		37,993,439
				372,032,505
Total Common Stocks (Cost: $463,141,907)				414,231,577

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%
Money Market Fund: 0.5% (Cost: $1,932,533)
State Street Navigator Securities Lending Government Money Market Portfolio		1,932,533		1,932,533
Total Investments: 100.4% (Cost: $465,074,440)				416,164,110
Liabilities in excess of other assets: (0.4)%				(1,859,702	)
NET ASSETS: 100.0%			$	414,304,408

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $4,845,637.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		78.0	%	$	323,319,055
Health Care Services		0.9			3,827,044
Life Sciences Tools & Services		21.1			87,085,478
		100.0	%	$	414,231,577

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	414,231,577	$	—	$	—	$	414,231,577
Money Market Fund		1,932,533		—		—		1,932,533
Total Investments	$	416,164,110	$	—	$	—	$	416,164,110

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Australia: 7.7%
Iris Energy Ltd. (USD) *		14,417	$	59,542
Mawson Infrastructure Group, Inc. (USD) *		81,844		35,316
				94,858
Bermuda: 4.8%
Hive Blockchain Technologies Ltd. (USD) *		15,572		58,551
Canada: 9.7%
Bitfarms Ltd. (USD) *		52,065		54,668
Hut 8 Mining Corp. (USD) *		36,571		65,097
				119,765
China: 10.9%
BC Technology Group Ltd. (HKD) *		38,000		12,294
Canaan, Inc. (ADR) *		21,877		71,757
Ebang International Holdings, Inc. (USD) *		123,120		50,504
				134,555
Germany: 3.7%
Northern Data AG *		3,775		45,822
Hong Kong: 1.4%
Huobi Technology Holdings Ltd. *		36,500		17,358

	Number of Shares		Value
United Kingdom: 4.9%
Argo Blockchain Plc (ADR) *		15,577	$	60,283

United States: 56.9%
Applied Blockchain, Inc. *		28,620		48,654
Bakkt Holdings, Inc. *		6,360		14,501
Bit Digital, Inc. *		40,956		49,147
Block, Inc. *		917		50,426
Cipher Mining, Inc. *		41,616		52,436
Cleanspark, Inc. *		14,663		46,628
Coinbase Global, Inc. *		911		58,750
Core Scientific, Inc. *		9,878		12,842
Galaxy Digital Holdings Ltd. (CAD) *		3,724		15,882
Greenidge Generation Holdings, Inc. *		25,826		51,652
Marathon Digital Holdings, Inc. *		7,967		85,327
Riot Blockchain, Inc. *		13,431		94,151
Silvergate Capital Corp. *		709		53,423
Terawulf, Inc. *		53,438		67,332
				701,151
Total Common Stocks (Cost: $2,553,980)				1,232,343
Total Investments: 100.0% (Cost: $2,553,980)				1,232,343
Liabilities in excess of other assets: 0.0%				(504	)
NET ASSETS: 100.0%			$	1,231,839

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
USD	United States Dollar

Footnotes:

*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Financials		12.6	%	$	154,851
Information Technology		87.4			1,077,492
		100.0	%	$	1,232,343

See Notes to Financial Statements

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	94,858	$	—	$	—	$	94,858
Bermuda		58,551		—		—		58,551
Canada		119,765		—		—		119,765
China		122,261		12,294		—		134,555
Germany		—		45,822		—		45,822
Hong Kong		—		17,358		—		17,358
United Kingdom		60,283		—		—		60,283
United States		701,151		—		—		701,151
Total Investments	$	1,156,869	$	75,474	$	—	$	1,232,343

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.7%
Australia: 3.9%
Iris Energy Ltd. (USD) * †		284,890	$	1,176,596
Bermuda: 4.4%
Hive Blockchain Technologies Ltd. (USD) * †		350,117		1,316,440
Canada: 9.1%
Bitfarms Ltd. (USD) * †		1,187,076		1,246,430
Hut 8 Mining Corp. (USD) * †		830,082		1,477,546
				2,723,976
China: 6.0%
BC Technology Group Ltd. (HKD) *		807,000		261,094
Canaan, Inc. (ADR) * †		469,180		1,538,910
				1,800,004
Germany: 4.8%
Bitcoin Group SE		26,521		511,169
Northern Data AG * †		75,610		917,787
				1,428,956
Hong Kong: 2.4%
Huobi Technology Holdings Ltd.*		1,508,000		717,163
Jersey, Channel Islands: 1.6%
Coinshares International Ltd. (SEK) *		139,442		474,568
United Kingdom: 4.1%
Argo Blockchain Plc (ADR) * †		315,473		1,220,881
United States: 63.4%
Applied Blockchain, Inc. *		421,194		716,030
Bakkt Holdings, Inc. * †		444,703		1,013,923

	Number of Shares		Value
United States (continued)
Bit Digital, Inc. * †		467,774	$	561,329
Block, Inc. *		39,602		2,177,713
Cipher Mining, Inc. * †		316,077		398,257
Cleanspark, Inc. * †		317,411		1,009,367
Coinbase Global, Inc. *		39,353		2,537,874
Core Scientific, Inc. * †		807,027		1,049,135
Galaxy Digital Holdings Ltd. (CAD) * †		279,392		1,191,541
Marathon Digital Holdings, Inc. * †		172,462		1,847,068
MicroStrategy, Inc. * †		9,980		2,118,355
Riot Blockchain, Inc. * †		281,907		1,976,168
Silvergate Capital Corp. *		26,800		2,019,380
Terawulf, Inc. *		302,787		381,512
				18,997,652
Total Common Stocks (Cost: $62,631,141)				29,856,236

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 28.8%
Money Market Fund: 28.8% (Cost: $8,613,586)
State Street Navigator Securities Lending Government Money Market Portfolio		8,613,586		8,613,586
Total Investments: 128.5% (Cost: $71,244,727)				38,469,822
Liabilities in excess of other assets: (28.5)%				(8,533,801)
NET ASSETS: 100.0%			$	29,936,021

Definitions:

ADR	American Depositary Receipt
CAD	Canadian Dollar
HKD	Hong Kong Dollar
SEK	Swedish Krona
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $8,253,281.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Financials		26.9	%	$	8,009,550
Information Technology		73.1			21,846,686
		100.0	%	$	29,856,236

See Notes to Financial Statements

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	1,176,596	$	—	$	—	$	1,176,596
Bermuda		1,316,440		—		—		1,316,440
Canada		2,723,976		—		—		2,723,976
China		1,538,910		261,094		—		1,800,004
Germany		—		1,428,956		—		1,428,956
Hong Kong		—		717,163		—		717,163
Jersey, Channel Islands		—		474,568		—		474,568
United Kingdom		1,220,881		—		—		1,220,881
United States		18,997,652		—		—		18,997,652
Money Market Fund		8,613,586		—		—		8,613,586
Total Investments	$	35,588,041	$	2,881,781	$	—	$	38,469,822

See Notes to Financial Statements

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 75.2%
Energy: 75.2%
Antero Midstream Corp.		100,821	$	925,537
Cheniere Energy, Inc.		15,145		2,512,707
CNX Resources Corp. *		40,689		631,900
DT Midstream, Inc.		27,230		1,412,965
Enbridge, Inc.		65,430		2,427,453
EnLink Midstream LLC		69,868		621,126
Equitrans Midstream Corp.		106,979		800,203
Gibson Energy, Inc.		48,062		764,413
Hess Midstream LP		12,303		313,973
Keyera Corp.		64,718		1,332,450
Kinder Morgan, Inc.		122,645		2,040,813
Kinetik Holdings, Inc.		7,723		251,615
ONEOK, Inc.		30,679		1,571,992
Pembina Pipeline Corp.		48,643		1,477,288
Plains GP Holdings LP		58,243		635,431
Targa Resources Corp.		22,229		1,341,298
TC Energy Corp.		56,180		2,263,493
The Williams Companies, Inc.		60,704		1,737,955
Total Common Stocks (Cost: $23,823,175)				23,062,612

	Number of Shares		Value
MASTER LIMITED PARTNERSHIPS: 24.6%
Energy: 24.6%
Crestwood Equity Partners LP		10,140	$	281,588
DCP Midstream LP		10,079		378,668
Energy Transfer LP		132,137		1,457,471
Enterprise Products Partners LP		57,496		1,367,255
Genesis Energy LP		10,092		92,846
Holly Energy Partners LP		5,125		84,101
Magellan Midstream Partners LP		25,521		1,212,503
MPLX LP		39,697		1,191,307
NuStar Energy LP		9,229		124,591
Plains All American Pipeline LP		52,007		547,114
Shell Midstream Partners LP		15,938		251,980
Western Midstream Partners LP		22,228		559,256
Total Master Limited Partnerships (Cost: $7,147,758)				7,548,680
Total Investments: 99.8% (Cost: $30,970,933)				30,611,292
Other assets less liabilities: 0.2%				64,298
NET ASSETS: 100.0%			$	30,675,590

Footnotes:

*	Non-income producing

Summary of Investments by Sector		% of Investments				Value
Energy			100.0	%		$	30,611,292

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	23,062,612	$	—	$	—	$	23,062,612
Master Limited Partnerships *		7,548,680		—		—		7,548,680
Total Investments	$	30,611,292	$	—	$	—	$	30,611,292

^*	See Schedule of Investments for industry sector breakouts.

See Notes to Financial Statements

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Canada: 6.5%
GFL Environmental, Inc. (USD) †		87,624	$	2,216,011
Li-Cycle Holdings Corp. (USD) *		421,086		2,240,178
				4,456,189
United States: 93.5%
ABM Industries, Inc.		61,160		2,338,147
Aris Water Solution, Inc. †		98,158		1,252,496
Casella Waste Systems, Inc. *		30,117		2,300,638
CECO Environmental Corp. *		163,402		1,446,108
Clean Harbors, Inc. *		20,849		2,292,973
Darling Ingredients, Inc. *		33,088		2,188,771
Donaldson Co., Inc.		47,520		2,328,955
Ecolab, Inc.		47,071		6,797,994
Energy Recovery, Inc. *		98,011		2,130,759
Evoqua Water Technologies Corp. *		66,922		2,213,110
Heritage-Crystal Clean, Inc. *		47,788		1,413,091
Montrose Environmental Group, Inc. * †		58,912		1,982,389
PureCycle Technologies, Inc. * †		260,775		2,104,454
Republic Services, Inc.		51,353		6,986,062

	Number of Shares		Value
United States (continued)
Schnitzer Steel Industries, Inc.		47,280	$	1,345,589
Stericycle, Inc. *		50,012		2,106,005
STERIS Plc		13,170		2,189,908
Tennant Co.		39,979		2,261,212
Tetra Tech, Inc.		18,724		2,406,596
Vertex Energy, Inc. * †		229,076		1,427,143
Waste Connections, Inc.		51,345		6,938,250
Waste Management, Inc.		43,861		7,026,971
				63,477,621
Total Common Stocks (Cost: $72,747,210)				67,933,810

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
Money Market Fund: 1.7% (Cost: $1,158,958)
State Street Navigator Securities Lending Government Money Market Portfolio		1,158,958		1,158,958
Total Investments: 101.7% (Cost: $73,906,168)				69,092,768
Liabilities in excess of other assets: (1.7)%				(1,177,981)
NET ASSETS: 100.0%			$	67,914,787

Definitions:

USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $4,660,485.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Staples		3.2	%	$	2,188,771
Energy		2.1			1,427,143
Health Care		3.2			2,189,908
Industrials		76.4			51,879,951
Materials		15.1			10,248,037
		100.0	%	$	67,933,810

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	67,933,810	$	—	$	—	$	67,933,810
Money Market Fund		1,158,958		—		—		1,158,958
Total Investments	$	69,092,768	$	—	$	—	$	69,092,768

^*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 11.7%
Aristocrat Leisure Ltd.		194,620	$	4,125,044
Lottery Corp. Ltd. *		724,017		1,950,336
Star Entertainment Group Ltd. * †		317,619		527,000
Tabcorp Holdings Ltd.		788,993		475,587
				7,077,967
Cambodia: 0.7%
NagaCorp Ltd. (HKD) *		633,741		415,036
China: 7.9%
Galaxy Entertainment Group Ltd. (HKD)		671,240		3,945,349
Melco Resorts & Entertainment Ltd. (ADR) *		76,956		510,218
SJM Holdings Ltd. (HKD) * †		829,500		308,055
				4,763,622
France: 2.3%
La Francaise des Jeux SAEM 144A		47,792		1,417,119
Greece: 1.5%
OPAP SA		76,521		917,300
Ireland: 7.9%
Flutter Entertainment Plc *		43,487		4,791,687
Japan: 1.5%
Heiwa Corp. †		25,800		399,005
Sankyo Co. Ltd.		17,179		520,068
				919,073
Malaysia: 4.8%
Genting Bhd		915,500		880,996
Genting Malaysia Bhd		1,205,098		722,149
Genting Singapore Ltd. (SGD)		2,366,200		1,287,080
				2,890,225
Malta: 0.9%
Kindred Group Plc (SEK) (SDR)		71,018		532,180
New Zealand: 0.6%
SkyCity Entertainment Group Ltd. *		217,776		334,271
South Korea: 1.4%
Kangwon Land, Inc. *		52,640		859,427

	Number of Shares		Value
Sweden: 6.1%
Evolution AB 144A		46,827	$	3,701,610
United Kingdom: 4.5%
Entain Plc		179,262		2,142,857
Playtech Plc*		113,709		556,966
				2,699,823
United States: 48.3%
Boyd Gaming Corp.		27,180		1,295,127
Caesars Entertainment, Inc. *		57,229		1,846,207
Churchill Downs, Inc.		9,904		1,823,822
DraftKings, Inc. * †		166,483		2,520,553
Gaming and Leisure Properties, Inc.		58,441		2,585,430
International Game Technology Plc†		43,025		679,795
Las Vegas Sands Corp. *		114,980		4,314,050
Light & Wonder, Inc. *		23,997		1,028,991
MGM Resorts International		95,845		2,848,513
Penn Entertainment, Inc. *		37,031		1,018,723
Sands China Ltd. (HKD) *		1,012,400		2,521,025
VICI Properties, Inc.		153,764		4,589,855
Wynn Macau Ltd. (HKD) * †		502,000		319,962
Wynn Resorts Ltd. * †		29,880		1,883,336
				29,275,389
Total Common Stocks
(Cost: $89,255,676)				60,594,729

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $393)
State Street Navigator Securities Lending Government Money Market Portfolio		393		393
Total Investments: 100.1% (Cost: $89,256,069)				60,595,122
Liabilities in excess of other assets: (0.1)%				(32,774	)
NET ASSETS: 100.0%			$	60,562,348

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
SGD	Singapore Dollar

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $3,700,786.

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $5,118,729, or 8.5% of net assets.

See Notes to Financial Statements

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		88.2	%	$	53,419,444
Real Estate		11.8			7,175,285
		100.0	%	$	60,594,729

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	7,077,967	$	—	$	7,077,967
Cambodia		—		415,036		—		415,036
China		510,218		4,253,404		—		4,763,622
France		—		1,417,119		—		1,417,119
Greece		—		917,300		—		917,300
Ireland		—		4,791,687		—		4,791,687
Japan		—		919,073		—		919,073
Malaysia		—		2,890,225		—		2,890,225
Malta		—		532,180		—		532,180
New Zealand		—		334,271		—		334,271
South Korea		—		859,427		—		859,427
Sweden		—		3,701,610		—		3,701,610
United Kingdom		—		2,699,823		—		2,699,823
United States		26,434,402		2,840,987		—		29,275,389
Money Market Fund		393		—		—		393
Total Investments	$	26,945,013	$	33,650,109	$	—	$	60,595,122

See Notes to Financial Statements

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 99.7%
Denmark: 5.0%
Novo Nordisk A/S (ADR)		262,689	$	26,171,705
France: 4.4%
Sanofi (ADR)		612,395		23,283,258
Israel: 3.0%
Teva Pharmaceutical Industries Ltd. (ADR) *		1,939,004		15,647,762
Japan: 4.6%
Takeda Pharmaceutical Co. Ltd. (ADR) †		1,862,022		24,150,426
Switzerland: 4.9%
Novartis AG (ADR)		340,215		25,859,742
United Kingdom: 14.2%
AstraZeneca Plc (ADR)		460,336		25,244,826
GSK Plc (ADR)		787,027		23,162,205
Haleon Plc (ADR) * †		4,236,499		25,800,279
				74,207,310
United States: 63.6%
AbbVie, Inc.		214,961		28,849,916
AmerisourceBergen Corp.		167,641		22,686,857
Bausch Health Cos, Inc. * †		559,796		3,856,994
Bristol-Myers Squibb Co.		400,480		28,470,123
Catalent, Inc. *		207,015		14,979,605
Elanco Animal Health, Inc. *		470,331		5,836,808
Eli Lilly & Co.		94,890		30,682,682

	Number of Shares		Value
United States (continued)
Jazz Pharmaceuticals Plc *		94,511	$	12,597,371
Johnson & Johnson		296,817		48,488,025
McKesson Corp.		67,536		22,953,460
Merck & Co., Inc.		316,994		27,299,523
Organon & Co.		413,778		9,682,405
Patterson Companies, Inc.		111,505		2,678,350
Perrigo Co. Plc		168,269		6,000,473
Pfizer, Inc.		641,720		28,081,667
Viatris, Inc.		1,972,774		16,808,035
Zoetis, Inc.		154,511		22,912,436
				332,864,730
Total Common Stocks (Cost: $609,426,049)				522,184,933

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%
Money Market Fund: 8.8% (Cost: $46,183,116)
State Street Navigator Securities Lending Government Money Market Portfolio		46,183,116		46,183,116
Total Investments: 108.5% (Cost: $655,609,165)				568,368,049
Liabilities in excess of other assets: (8.5)%				(44,629,656	)
NET ASSETS: 100.0%			$	523,738,393

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $45,736,922.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Biotechnology		5.5	%	$	28,849,916
Health Care Distributors		9.3			48,318,667
Personal Products		4.9			25,800,279
Pharmaceuticals		80.3			419,216,071
		100.0	%	$	522,184,933

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	522,184,933	$	—	$	—	$	522,184,933
Money Market Fund		46,183,116		—		—		46,183,116
Total Investments	$	568,368,049	$	—	$	—	$	568,368,049

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
China: 4.2%
JD.com, Inc. (ADR)		124,538	$	6,264,261
United States: 95.8%
Amazon.com, Inc. *		255,975		28,925,175
AmerisourceBergen Corp.		18,186		2,461,111
AutoZone, Inc. *		2,023		4,333,124
Bath & Body Works, Inc.		21,375		696,825
Best Buy Co., Inc.		20,742		1,313,798
Cardinal Health, Inc.		26,304		1,753,951
Costco Wholesale Corp.		24,356		11,502,608
CVS Health Corp.		74,070		7,064,056
Dollar General Corp.		21,113		5,064,164
Dollar Tree, Inc. *		23,580		3,209,238
Lowe’s Companies, Inc.		41,162		7,730,635
Lululemon Athletica, Inc. *		11,805		3,300,206
McKesson Corp.		16,816		5,715,254
O’Reilly Automotive, Inc. *		7,871		5,536,068
Ross Stores, Inc.		35,530		2,994,113
Sysco Corp.		57,733		4,082,300
Target Corp.		43,664		6,479,301
The Home Depot, Inc.		52,939		14,607,988
The Kroger Co.		68,021		2,975,919

	Number of Shares		Value
United States (continued)
The TJX Companies, Inc.		113,264	$	7,035,960
Ulta Beauty, Inc. *		6,006		2,409,547
Walgreens Boots Alliance, Inc.		80,892		2,540,009
Walmart, Inc.		94,164		12,213,071
Wayfair, Inc. * †		4,718		153,571
				144,097,992
Total Common Stocks (Cost: $180,242,064)				150,362,253

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $443)
State Street Navigator Securities Lending Government Money Market Portfolio		443		443
Total Investments: 100.0% (Cost: $180,242,507)				150,362,696
Other assets less liabilities: 0.0%				69,396
NET ASSETS: 100.0%			$	150,432,092

Definitions:

ADR	American Depositary Receipt

Footnotes:

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $145,889.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Consumer Discretionary		66.5	%	$	100,053,974
Consumer Staples		22.2			33,313,907
Health Care		11.3			16,994,372
		100.0	%	$	150,362,253

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	150,362,253	$	—	$	—	$	150,362,253
Money Market Fund		443		—		—		443
Total Investments	$	150,362,696	$	—	$	—	$	150,362,696

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.0%
Netherlands: 8.6%
ASML Holding N.V. (USD)		667,101	$	277,080,400
NXP Semiconductors N.V. (USD)		1,420,411		209,524,827
				486,605,227
Switzerland: 2.2%
STMicroelectronics N.V. (USD) †		4,005,888		123,942,175
Taiwan: 11.3%
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		9,240,040		633,497,142
United States: 77.9%
Advanced Micro Devices, Inc. *		3,994,330		253,080,749
Analog Devices, Inc.		1,899,077		264,617,389
Applied Materials, Inc.		3,112,790		255,030,885
Broadcom, Inc.		629,528		279,516,727
Cadence Design Systems, Inc. *		1,362,872		222,734,171
Intel Corp.		10,374,882		267,360,709
KLA Corp.		797,694		241,406,135
Lam Research Corp.		662,486		242,469,876
Marvell Technology, Inc.		4,304,353		184,699,787
Microchip Technology, Inc.		2,988,464		182,385,958
Micron Technology, Inc.		5,203,462		260,693,446

	Number of Shares		Value
United States (continued)
Monolithic Power Systems, Inc.		256,464	$	93,199,018
NVIDIA Corp.		3,888,120		471,978,887
ON Semiconductor Corp. *		2,218,432		138,274,867
Qorvo, Inc. *		513,563		40,782,038
Qualcomm, Inc.		2,472,711		279,366,889
Skyworks Solutions, Inc.		925,731		78,937,082
Synopsys, Inc. *		794,012		242,578,606
Teradyne, Inc.		848,033		63,729,680
Texas Instruments, Inc.		1,917,663		296,815,879
Universal Display Corp.		262,281		24,746,212
				4,384,404,990
Total Common Stocks (Cost: $9,059,409,912)				5,628,449,534

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0% (Cost: $502,216)
State Street Navigator Securities Lending Government Money Market Portfolio		502,216		502,216
Total Investments: 100.0% (Cost: $9,059,912,128)				5,628,951,750
Other assets less liabilities: 0.0%				2,649,152
NET ASSETS: 100.0%			$	5,631,600,902

Definitions:

ADR	American Depositary Receipt
USD	United States Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $476,476.
*	Non-income producing

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Application Software		8.3	%	$	465,312,777
Semiconductor Equipment		19.1			1,079,716,976
Semiconductors		72.6			4,083,419,781
		100.0	%	$	5,628,449,534

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	5,628,449,534	$	—	$	—	$	5,628,449,534
Money Market Fund		502,216		—		—		502,216
Total Investments	$	5,628,951,750	$	—	$	—	$	5,628,951,750

*	See Schedule of Investments for geographic sector breakouts.

See Notes to Financial Statements

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

	Number of Shares		Value
COMMON STOCKS: 100.1%
Australia: 4.6%
Aristocrat Leisure Ltd.		567,899	$	12,036,832
China: 16.7%
Bilibili, Inc. (ADR) * †		400,651		6,137,973
Kingsoft Corp. Ltd. (HKD)		1,513,800		4,005,294
NetEase, Inc. (ADR) †		184,300		13,933,080
Tencent Holdings Ltd. (HKD)		589,000		19,893,612
				43,969,959
France: 2.2%
Ubisoft Entertainment SA *		208,562		5,729,468
Japan: 23.5%
Bandai Namco Holdings, Inc.		196,600		12,810,752
Capcom Co. Ltd. †		316,300		7,962,792
Konami Group Corp. †		156,100		7,227,008
Nexon Co. Ltd. †		674,300		11,912,115
Nintendo Co. Ltd.		437,000		17,624,251
Square Enix Holdings Co. Ltd.		96,900		4,176,074
				61,712,992
Poland: 1.1%
CD Projekt SA †		139,488		2,803,419
South Korea: 3.0%
NCSoft Corp.		26,490		6,336,305
Netmarble Corp. 144A		42,505		1,506,918
				7,843,223
Sweden: 2.9%
Embracer Group AB * †		1,275,092		7,557,804

	Number of Shares		Value
Taiwan: 6.8%
Micro-Star International Co. Ltd.		1,571,000	$	5,288,178
Sea Ltd. (ADR) * †		223,559		12,530,482
				17,818,660
United States: 39.3%
Activision Blizzard, Inc.		244,432		18,171,075
Advanced Micro Devices, Inc. *		256,986		16,282,633
Electronic Arts, Inc.		116,394		13,467,950
NVIDIA Corp.		170,493		20,696,145
Roblox Corp. * †		329,294		11,801,897
Take-Two Interactive Software, Inc. *		109,073		11,888,957
Unity Software, Inc. * †		336,178		10,710,631
				103,019,288
Total Common Stocks (Cost: $383,158,963)				262,491,645

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%
Money Market Fund: 6.9% (Cost: $18,204,917)
State Street Navigator Securities Lending Government Money Market Portfolio		18,204,917		18,204,917
Total Investments: 107.0% (Cost: $401,363,880)				280,696,562
Liabilities in excess of other assets: (7.0)%				(18,432,843	)
NET ASSETS: 100.0%			$	262,263,719

Definitions:

ADR	American Depositary Receipt
HKD	Hong Kong Dollar

Footnotes:

†	Security fully or partially on loan. Total market value of securities on loan is $39,137,060.
*	Non-income producing
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,506,918, or 0.6% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Communication Services		70.3	%	$	184,666,474
Consumer Discretionary		9.5			24,847,584
Information Technology		20.2			52,977,587
		100.0	%	$	262,491,645

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	12,036,832	$	—	$	12,036,832
China		20,071,053		23,898,906		—		43,969,959
France		—		5,729,468		—		5,729,468
Japan		—		61,712,992		—		61,712,992
Poland		—		2,803,419		—		2,803,419
South Korea		—		7,843,223		—		7,843,223
Sweden		—		7,557,804		—		7,557,804
Taiwan		12,530,482		5,288,178		—		17,818,660
United States		103,019,288		—		—		103,019,288
Money Market Fund		18,204,917		—		—		18,204,917
Total Investments	$	153,825,740	$	126,870,822	$	—	$	280,696,562

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Biotech ETF			Digital Assets Mining ETF			Digital Transformation ETF			Energy Income ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	414,231,577		$	1,232,343		$	29,856,236		$	30,611,292
Short-term investments held as collateral for securities loaned (3)		1,932,533			—			8,613,586			—
Cash		254,406			62			51,827			—
Cash denominated in foreign currency, at value (4)		—			4			27			—
Receivables:
Investment securities sold		—			—			904			—
Dividends and interest		8,432			—			52,628			72,312
Federal and State income taxes		—			—			—			32,044
Total assets		416,426,948			1,232,409			38,575,208			30,715,648
Liabilities:
Payables:
Investment securities purchased		—			—			12,123			—
Collateral for securities loaned		1,932,533			—			8,613,586			—
Due to Adviser		124,586			570			13,478			11,877
Due to custodian		—			—			—			28,181
Deferred Trustee fees		64,926			—			—			—
Accrued expenses		495			—			—			—
Total liabilities		2,122,540			570			8,639,187			40,058
NET ASSETS	$	414,304,408		$	1,231,839		$	29,936,021		$	30,675,590
Shares outstanding		2,946,503			100,000			6,050,000			539,720
Net asset value, redemption and offering price per share	$	140.61		$	12.32		$	4.95		$	56.84
Net Assets consist of:
Aggregate paid in capital	$	642,671,683		$	3,461,613		$	110,672,784		$	39,356,724
Total distributable earnings (loss)		(228,367,275	)		(2,229,774	)		(80,736,763	)		(8,681,134	)
NET ASSETS	$	414,304,408		$	1,231,839		$	29,936,021		$	30,675,590
(1) Value of securities on loan	$	4,845,637		$	—		$	8,253,281		$	—
(2) Cost of investments - Unaffiliated issuers	$	463,141,907		$	2,553,980		$	62,631,141		$	30,970,933
(3) Cost of short-term investments held as collateral for securities loaned	$	1,932,533		$	—		$	8,613,586		$	—
(4) Cost of cash denominated in foreign currency	$	—		$	4		$	27		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Environmental Services ETF			Gaming ETF			Pharmaceutical ETF			Retail ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	67,933,810		$	60,594,729		$	522,184,933		$	150,362,253
Short-term investments held as collateral for securities loaned (3)		1,158,958			393			46,183,116			443
Cash		39			29			711,732			85,735
Cash denominated in foreign currency, at value (4)		—			946,439			—			—
Receivables:
Investment securities sold		12,443,070			—			10,118,257			—
Dividends and interest		51,113			103,782			1,042,981			40,336
Prepaid expenses		2,842			2,841			—			—
Total assets		81,589,832			61,648,213			580,241,019			150,488,767
Liabilities:
Payables:
Investment securities purchased		5,527,442			—			—			—
Shares of beneficial interest redeemed		6,636,764			—			10,118,430			—
Collateral for securities loaned		1,158,958			393			46,183,116			443
Line of credit		264,419			982,488			—			—
Due to Adviser		31,837			26,215			161,830			45,973
Deferred Trustee fees		3,066			7,391			36,037			10,259
Accrued expenses		52,559			69,378			3,213			—
Total liabilities		13,675,045			1,085,865			56,502,626			56,675
NET ASSETS	$	67,914,787		$	60,562,348		$	523,738,393		$	150,432,092
Shares outstanding		520,000			1,850,000			7,788,138			971,531
Net asset value, redemption and offering price per share	$	130.61		$	32.74		$	67.25		$	154.84
Net Assets consist of:
Aggregate paid in capital	$	90,123,727		$	111,658,028		$	730,571,452		$	196,360,240
Total distributable earnings (loss)		(22,208,940	)		(51,095,680	)		(206,833,059	)		(45,928,148	)
NET ASSETS	$	67,914,787		$	60,562,348		$	523,738,393		$	150,432,092
(1) Value of securities on loan	$	4,660,485		$	3,700,786		$	45,736,922		$	145,889
(2) Cost of investments - Unaffiliated issuers	$	72,747,210		$	89,255,676		$	609,426,049		$	180,242,064
(3) Cost of short-term investments held as collateral for securities loaned	$	1,158,958		$	393		$	46,183,116		$	443
(4) Cost of cash denominated in foreign currency	$	—		$	1,014,528		$	—		$	—

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

	Semiconductor ETF			Video Gaming and eSports ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	5,628,449,534		$	262,491,645
Short-term investments held as collateral for securities loaned (3)		502,216			18,204,917
Cash		227			6,046
Cash denominated in foreign currency, at value (4)		—			4
Receivables:
Investment securities sold		347,820,609			—
Shares of beneficial interest sold		9,400,860			1,644
Dividends and interest		5,373,979			362,223
Prepaid expenses		—			7,079
Total assets		5,991,547,425			281,073,558
Liabilities:
Payables:
Investment securities purchased		9,400,557			—
Shares of beneficial interest redeemed		347,831,838			—
Collateral for securities loaned		502,216			18,204,917
Line of credit		295,525			380,664
Due to Adviser		1,811,099			124,878
Deferred Trustee fees		97,455			8,715
Accrued expenses		7,833			90,665
Total liabilities		359,946,523			18,809,839
NET ASSETS	$	5,631,600,902		$	262,263,719
Shares outstanding		30,420,937			6,450,000
Net asset value, redemption and offering price per share	$	185.12		$	40.66
Net Assets consist of:
Aggregate paid in capital	$	9,489,700,981		$	409,835,573
Total distributable earnings (loss)		(3,858,100,079	)		(147,571,854	)
NET ASSETS	$	5,631,600,902		$	262,263,719
(1) Value of securities on loan	$	476,476		$	39,137,060
(2) Cost of investments - Unaffiliated issuers	$	9,059,409,912		$	383,158,963
(3) Cost of short-term investments held as collateral for securities loaned	$	502,216		$	18,204,917
(4) Cost of cash denominated in foreign currency	$	—		$	4

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Biotech ETF			Digital Assets Mining ETF (a)			Digital Transformation ETF			Energy Income ETF
Income:
Dividends	$	3,824,471		$	—		$	1,954		$	780,757
Interest		—			—			—			20
Securities lending income		19,329			—			1,290,925			—
Foreign taxes withheld		(75,309	)		—			(287	)		(73,003	)
Total income		3,768,491			—			1,292,592			707,774
Expenses:
Management fees		1,707,698			5,126			232,411			131,441
Interest and taxes		2,177			—			2,265			7,448
Total expenses		1,709,875			5,126			234,676			138,889
Net investment income (loss)		2,058,616			(5,126	)		1,057,916			568,885

Net realized gain (loss) on:
Investments		(72,948,984	)		(904,871	)		(42,077,137	)		1,017,958
In-kind redemptions		20,504,756			—			(1,530,459	)		1,248,074
Foreign currency transactions and foreign denominated assets and liabilities		—			147			(16,493	)		(436	)
Net realized gain (loss)		(52,444,228	)		(904,724	)		(43,624,089	)		2,265,596

Net change in unrealized appreciation (depreciation) on:
Investments		(130,892,741	)		(1,321,637	)		(23,668,498	)		(1,866,240	)
Foreign currency translations and foreign denominated assets and liabilities		—			—			(24	)		(959	)
Net change in unrealized appreciation (depreciation)		(130,892,741	)		(1,321,637	)		(23,668,522	)		(1,867,199	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(181,278,353	)	$	(2,231,487	)	$	(66,234,695	)	$	967,282


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Environmental Services ETF			Gaming ETF			Pharmaceutical ETF			Retail ETF
Income:
Dividends	$	569,101		$	1,071,484		$	9,127,002		$	2,388,203
Interest		280			57			867			300
Securities lending income		115,503			29,831			128,651			3,202
Foreign taxes withheld		(8,170	)		(28,801	)		(332,499	)		—
Total income		676,714			1,072,571			8,924,021			2,391,705
Expenses:
Management fees		360,586			420,428			1,489,021			691,330
Professional fees		35,638			43,014			—			—
Custody and accounting fees		24,666			31,528			—			—
Reports to shareholders		14,510			20,191			—			—
Trustees’ fees and expenses		1,455			1,671			—			—
Registration fees		6,482			3,910			—			—
Insurance		2,762			4,181			—			—
Interest and taxes		812			10,880			22,619			1,581
Other		566			8,703			—			—
Total expenses		447,477			544,506			1,511,640			692,911
Waiver of management fees		(50,019	)		—			—			—
Net expenses		397,458			544,506			1,511,640			692,911
Net investment income		279,256			528,065			7,412,381			1,698,794

Net realized gain (loss) on:
Investments		(4,095,476	)		(7,928,657	)		(33,820,073	)		(5,627,678	)
In-kind redemptions		10,447,365			4,844,966			48,141,710			10,160,833
Foreign currency transactions and foreign denominated assets and liabilities		4			(20,088	)		—			—
Net realized gain (loss)		6,351,893			(3,103,779	)		14,321,637			4,533,155

Net change in unrealized appreciation (depreciation) on:
Investments		(13,919,150	)		(29,359,063	)		(79,556,497	)		(26,338,540	)
Foreign currency translations and foreign denominated assets and liabilities		—			(70,865	)		—			—
Net change in unrealized appreciation (depreciation)		(13,919,150	)		(29,429,928	)		(79,556,497	)		(26,338,540	)
Net Decrease in Net Assets Resulting from Operations	$	(7,288,001	)	$	(32,005,642	)	$	(57,822,479	)	$	(20,106,591	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

	Semiconductor ETF			Video Gaming and eSports ETF
Income:
Dividends	$	93,494,943		$	5,155,205
Interest		11,854			—
Securities lending income		106,711			173,032
Foreign taxes withheld		(4,993,551	)		(389,423	)
Total income		88,619,957			4,938,814
Expenses:
Management fees		25,764,670			2,280,361
Professional fees		—			67,971
Custody and accounting fees		—			54,017
Reports to shareholders		—			60,150
Trustees’ fees and expenses		—			17,605
Registration fees		—			7,304
Insurance		—			10,368
Interest and taxes		46,782			51,558
Other		—			11,514
Total expenses		25,811,452			2,560,848
Waiver of management fees		—			(886	)
Net expenses		25,811,452			2,559,962
Net investment income		62,808,505			2,378,852

Net realized gain (loss) on:
Investments		(358,331,936	)		(30,864,793	)
In-kind redemptions		1,015,379,556			42,300,181
Foreign currency transactions and foreign denominated assets and liabilities		—			(126,056	)
Net realized gain		657,047,620			11,309,332

Net change in unrealized appreciation (depreciation) on:
Investments		(3,277,654,394	)		(172,499,427	)
Foreign currency translations and foreign denominated assets and liabilities		—			(17,000	)
Net change in unrealized appreciation (depreciation)		(3,277,654,394	)		(172,516,427	)
Net Decrease in Net Assets Resulting from Operations	$	(2,557,798,269	)	$	(158,828,243	)

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Biotech ETF						Digital Assets Mining ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2022 (a)

Operations:
Net investment income (loss)	$	2,058,616		$	1,199,758		$	(5,126	)
Net realized gain (loss)		(52,444,228	)		79,266,644			(904,724	)
Net change in unrealized appreciation (depreciation)		(130,892,741	)		36,737,909			(1,321,637	)
Net increase (decrease) in net assets resulting from operations		(181,278,353	)		117,204,311			(2,231,487	)
Distributions to shareholders from:
Distributable earnings		(1,180,281	)		(1,699,994	)		—

Share transactions*:
Proceeds from sale of shares		91,504,466			219,670,586			3,463,326
Cost of shares redeemed		(84,861,837	)		(230,504,701	)		—
Increase (decrease) in net assets resulting from share transactions		6,642,629			(10,834,115	)		3,463,326
Total increase (decrease) in net assets		(175,816,005	)		104,670,202			1,231,839
Net Assets, beginning of period		590,120,413			485,450,211			—
Net Assets, end of period	$	414,304,408		$	590,120,413		$	1,231,839
*Shares of Common Stock Issued (no par value)
Shares sold		575,000			1,150,000			100,000
Shares redeemed		(550,000	)		(1,225,000	)		—
Net increase (decrease)		25,000			(75,000	)		100,000

(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Digital Transformation ETF						Energy Income ETF
	Year Ended September 30, 2022			Period Ended September 30, 2021 (a)			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	1,057,916		$	2,922		$	568,885		$	597,470
Net realized gain (loss)		(43,624,089	)		(2,316,643	)		2,265,596			1,631,575
Net change in unrealized appreciation (depreciation)		(23,668,522	)		(9,106,406	)		(1,867,199	)		10,387,964
Net increase (decrease) in net assets resulting from operations		(66,234,695	)		(11,420,127	)		967,282			12,617,009
Distributions to shareholders from:
Distributable earnings		(4,600,120	)		—			(502,535	)		(659,351	)
Return of capital		—			—			(607,866	)		(850,413	)
Total distributions		(4,600,120	)		—			(1,110,401	)		(1,509,764	)

Share transactions*:
Proceeds from sale of shares		61,030,371			58,233,162			12,633,846			2,332,086
Cost of shares redeemed		(5,876,037	)		(1,196,533	)		(5,671,728	)		(9,804,516	)
Increase (decrease) in net assets resulting from share transactions		55,154,334			57,036,629			6,962,118			(7,472,430	)
Total increase (decrease) in net assets		(15,680,481	)		45,616,502			6,818,999			3,634,815
Net Assets, beginning of period		45,616,502			—			23,856,591			20,221,776
Net Assets, end of period	$	29,936,021		$	45,616,502		$	30,675,590		$	23,856,591
*Shares of Common Stock Issued (no par value)
Shares sold		4,675,000			2,050,000			200,000			50,000
Shares redeemed		(625,000	)		(50,000	)		(100,000	)		(200,000	)
Net increase (decrease)		4,050,000			2,000,000			100,000			(150,000	)

(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Environmental Services ETF						Gaming ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	279,256		$	135,228		$	528,065		$	376,153
Net realized gain (loss)		6,351,893			8,224,962			(3,103,779	)		12,044,047
Net change in unrealized appreciation (depreciation)		(13,919,150	)		6,390,584			(29,429,928	)		(2,950,274	)
Net increase (decrease) in net assets resulting from operations		(7,288,001	)		14,750,774			(32,005,642	)		9,469,926
Distributions to shareholders from:
Distributable earnings		(200,016	)		(124,993	)		(725,005	)		(349,965	)

Share transactions*:
Proceeds from sale of shares		39,446,432			40,559,653			6,562,409			90,865,077
Cost of shares redeemed		(31,337,177	)		(18,707,729	)		(31,658,817	)		(36,388,492	)
Increase (decrease) in net assets resulting from share transactions		8,109,255			21,851,924			(25,096,408	)		54,476,585
Total increase (decrease) in net assets		621,238			36,477,705			(57,827,055	)		63,596,546
Net Assets, beginning of year		67,293,549			30,815,844			118,389,403			54,792,857
Net Assets, end of year	$	67,914,787		$	67,293,549		$	60,562,348		$	118,389,403
*Shares of Common Stock Issued (no par value)
Shares sold		270,000			300,000			150,000			1,775,000
Shares redeemed		(220,000	)		(140,000	)		(750,000	)		(725,000	)
Net increase (decrease)		50,000			160,000			(600,000	)		1,050,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Pharmaceutical ETF						Retail ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	7,412,381		$	4,717,616		$	1,698,794		$	1,987,122
Net realized gain		14,321,637			16,088,881			4,533,155			54,787,974
Net change in unrealized appreciation (depreciation)		(79,556,497	)		20,215,746			(26,338,540	)		(23,437,570	)
Net increase (decrease) in net assets resulting from operations		(57,822,479	)		41,022,243			(20,106,591	)		33,337,526
Distributions to shareholders from:
Distributable earnings		(6,817,403	)		(4,063,401	)		(1,850,009	)		(1,274,964	)

Share transactions*:
Proceeds from sale of shares		723,658,357			506,408,386			67,184,294			278,009,892
Cost of shares redeemed		(454,218,449	)		(459,578,185	)		(134,470,494	)		(252,249,346	)
Increase (decrease) in net assets resulting from share transactions		269,439,908			46,830,201			(67,286,200	)		25,760,546
Total increase (decrease) in net assets		204,800,026			83,789,043			(89,242,800	)		57,823,108
Net Assets, beginning of year		318,938,367			235,149,324			239,674,892			181,851,784
Net Assets, end of year	$	523,738,393		$	318,938,367		$	150,432,092		$	239,674,892
*Shares of Common Stock Issued (no par value)
Shares sold		9,450,000			7,300,000			350,000			1,600,000
Shares redeemed		(6,050,000	)		(6,700,000	)		(750,000	)		(1,450,000	)
Net increase (decrease)		3,400,000			600,000			(400,000	)		150,000

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Semiconductor ETF						Video Gaming and eSports ETF
	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2022			Year Ended September 30, 2021

Operations:
Net investment income	$	62,808,505		$	34,765,102		$	2,378,852		$	441,491
Net realized gain		657,047,620			1,661,280,446			11,309,332			97,749,751
Net change in unrealized appreciation (depreciation)		(3,277,654,394	)		(254,053,014	)		(172,516,427	)		(77,257,187	)
Net increase (decrease) in net assets resulting from operations		(2,557,798,269	)		1,441,992,534			(158,828,243	)		20,934,055
Distributions to shareholders from:
Distributable earnings		(38,500,125	)		(29,249,241	)		(20,504,040	)		(870,225	)

Share transactions*:
Proceeds from sale of shares		29,465,480,838			15,625,608,376			24,147,755			266,565,899
Cost of shares redeemed		(27,175,192,549	)		(13,747,005,339	)		(213,552,026	)		(177,196,989	)
Increase (decrease) in net assets resulting from share transactions		2,290,288,289			1,878,603,037			(189,404,271	)		89,368,910
Total increase (decrease) in net assets		(306,010,105	)		3,291,346,330			(368,736,554	)		109,432,740
Net Assets, beginning of year		5,937,611,007			2,646,264,677			631,000,273			521,567,533
Net Assets, end of year	$	5,631,600,902		$	5,937,611,007		$	262,263,719		$	631,000,273
*Shares of Common Stock Issued (no par value)
Shares sold		116,050,000			66,350,000			400,000			3,850,000
Shares redeemed		(108,800,000	)		(58,350,000	)		(3,650,000	)		(2,650,000	)
Net increase (decrease)		7,250,000			8,000,000			(3,250,000	)		1,200,000

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Biotech ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$201.99			$162.01			$118.04			$136.11			$134.17
Net investment income (a)		0.69			0.42			0.59			0.39			0.52
Net realized and unrealized gain (loss) on investments		(61.67	)		40.17			43.85			(17.91	)		2.10	(b)
Total from investment operations		(60.98	)		40.59			44.44			(17.52	)		2.62
Distributions from:
Net investment income		(0.40	)		(0.61	)		(0.47	)		(0.55	)		(0.68	)
Net asset value, end of year		$140.61			$201.99			$162.01			$118.04			$136.11
Total return (c)		(30.24	)%		25.13	%		37.71	%		(12.84	)%		2.00	%

Ratios to average net assets
Gross expenses (d)		0.35	%		0.38	%		0.39	%		0.40	%		0.40	%
Net expenses (d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		0.42	%		0.23	%		0.40	%		0.31	%		0.41	%
Supplemental data
Net assets, end of year (in millions)		$414			$590			$485			$318			$476
Portfolio turnover rate (e)		24	%		41	%		40	%		24	%		30	%


(a)	Calculated based upon average shares outstanding
(b)	The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Periods after September 30, 2021 reflect a unitary management fee structure.
(e)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Assets Mining ETF

	Period Ended September 30, 2022(a)

Net asset value, beginning of period		$33.43
Net investment loss (b)		(0.06	)
Net realized and unrealized loss on investments		(21.05	)
Total from investment operations		(21.11	)
Net asset value, end of period		$12.32
Total return (c)		(63.15	)%(d)

Ratios to average net assets
Expenses		0.50	%(e)
Net investment loss		(0.50	)%(e)
Supplemental data
Net assets, end of period (in millions)		$1
Portfolio turnover rate (f)		39	%(d)


(a)	For the period March 8, 2022 (commencement of operations) through September 30, 2022.
(b)	Calculated based upon average shares outstanding
(c)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d)	Not Annualized
(e)	Annualized
(f)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Digital Transformation ETF

	Year Ended September 30, 2022			Period Ended September 30, 2021(a)

Net asset value, beginning of period		$22.81			$35.25
Net investment income (b)		0.26			—	(c)
Net realized and unrealized loss on investments		(16.24	)		(12.44	)
Total from investment operations		(15.98	)		(12.44	)
Distributions from:
Net investment income		(1.88	)		—
Net asset value, end of period		$4.95			$22.81
Total return (d)		(76.33	)%		(35.30	)%(e)

Ratios to average net assets
Expenses		0.50	%		0.58	%(f)
Net investment income		2.28	%		0.02	%(f)
Supplemental data
Net assets, end of period (in millions)		$30			$46
Portfolio turnover rate (g)		74	%		49	%(e)


(a)	For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b)	Calculated based upon average shares outstanding
(c)	Amount represents less than $0.005 per share.
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Energy Income ETF(a)
	Year Ended September 30,						Period Ended September 30, 2020(b)			Year Ended November 30,
	2022			2021			Period Ended September 30, 2020(b)			2019			2018			2017

Net asset value, beginning of year		$54.25			$34.29			$51.20			$58.32			$68.49			$76.29
Net investment income (loss) (c)		1.17			1.15			0.76			(0.39	)		0.09			0.42
Net realized and unrealized gain (loss) on investments		3.67			21.90			(15.58	)		(1.42	)		(4.44	)		(2.25	)
Total from investment operations		4.84			23.05			(14.82	)		(1.81	)		(4.35	)		(1.83	)
Distributions from:
Net investment income		(1.02	)		(1.37	)		—			(1.77	)		—			—
Return of capital		(1.23	)		(1.72	)		(2.09	)		(3.54	)		(5.82	)		(5.97	)
Total distributions		(2.25	)		(3.09	)		(2.09	)		(5.31	)		(5.82	)		(5.97	)
Net asset value, end of year		$56.84			$54.25			$34.29			$51.20			$58.32			$68.49
Total return (d)		8.79	%		68.88	%		(29.74	)%(e)		(3.66	)%		(7.16	)%		(2.67	)%

Ratios to average net assets
Expenses		0.48	%		0.46	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Expenses excluding interest and taxes		0.45	%		0.45	%		0.45	%(f)(g)		1.41	%(h)		0.73	%(i)		0.86	%(j)
Net investment income (loss)		1.95	%		2.43	%		2.17	%(f)(k)		(0.68	)%(h)		0.13	%(i)		0.55	%(j)
Supplemental data
Net assets, end of year (in millions)		$31			$24			$20			$52			$45			$64
Portfolio turnover rate (l)		21	%		24	%		24	%(e)		106	%		34	%		40	%


(a)	On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b)	The Fund changed its fiscal year-end from November 30 to September 30.
(c)	Calculated based upon average shares outstanding
(d)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e)	Not Annualized
(f)	Annualized
(g)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(h)	Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i)	Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j)	Includes income tax expense of 0.04% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(k)	Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been lower.
(l)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

	Environmental Services ETF
	Year Ended September 30,
	2022			2021			2020			2019			2018

Net asset value, beginning of year		$143.18			$99.41			$104.25			$96.64			$86.02
Net investment income (a)		0.56			0.36			0.46			0.46			0.42
Net realized and unrealized gain (loss) on investments		(12.76	)		43.80			(4.83	)		7.47			10.98
Total from investment operations		(12.20	)		44.16			(4.37	)		7.93			11.40
Distributions from:
Net investment income		(0.37	)		(0.39	)		(0.47	)		(0.32	)		(0.78	)
Net asset value, end of year		$130.61			$143.18			$99.41			$104.25			$96.64
Total return (b)		(8.56	)%		44.50	%		(4.23	)%		8.30	%		13.36	%

Ratios to average net assets
Gross expenses		0.62	%		0.71	%		0.85	%		0.81	%		0.98	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.56	%
Net expenses excluding interest and taxes		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.39	%		0.27	%		0.47	%		0.47	%		0.47	%
Supplemental data
Net assets, end of year (in millions)		$68			$67			$31			$36			$24
Portfolio turnover rate (c)		35	%		21	%		38	%		20	%		24	%


(a)	Calculated based upon average shares outstanding
(b)	Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c)	Portfolio turnover rate excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

Gaming ETF
Year Ended September 30,
2022	2021	2020	2019	2018